Roxi Petroleum plc announced Thursday that the Kazakh regulatory authorities have granted the company a 54 square mile extension to the BNG contract area, for a price of $2 million.
The Kazakhstan-focused oil and gas company intends to acquire 3D seismic data on the new territory before finalizing its drilling plans. Roxi believes that the deep formation currently being explored by deep wells A5, 801 and A6 are present in the new extension area.
Through its 59 percent holding of Eragon Petroleum Limited, Roxi holds a 58.41 percent interest in the BNG contract area. The BNG license was successfully renewed for a further three year period in June 2015, to June 7, 2018.
Commenting on the extension, Clive Carver, Roxi Petroleum chairman, said in a company statement:
"We are delighted to have secured this potentially important extension to the deep prospect currently being drilled at BNG. Notwithstanding the current low global oil prices there has seldom been a better time for companies with funding to explore for new discoveries.
“Competition for assets is low and the drilling and allied exploration costs are at historically very low levels. We firmly believe the companies which will be successful over the medium term will include those buying and developing well in these more difficult times."
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